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1、我国交通运输类上市公司股权再融资业绩效应研究摘 要上市公司公开发行募集资金后，其后续发展的关键很大程度上要看其再融资能力。再融资为上市公司的后续发展提供了坚实的动力。我国上市公司的再融资主要采用了股权融资方式，具体包括配股、增发新股及发行半股权半债权的可转换债券。随着我国证券市场的发展，股权再融资越来越成为上市公司筹措资金的重要手段。而上市公司再融资后的业绩表现一直是业内比较关心的问题。上市公司再融资后，获得大量资金，投资于新项目，本应大幅提升其业绩，而事实上近年来对上市公司再融资持批判态度的专家和学者越来越多。在我国不断发展经济的影响下,交通运输行业出于自身发展的需要及其特殊的行业特点,在再
2、融资市场上非常活跃。由于它有着受外界经济形势影响大、融资金额巨大的特点,成为再融资市场上不可忽视的力量。本文主要对我国交通运输行业上市公司的再融资进行实证研究,具体选择研究我国交通运输类上市公司再融资的业绩效应。本文主要采用了实证和规范相结合的研究方法。首先通过对西方融资理论的梳理和文献回顾的方式，对前人研究结论进行了总结和分析；接着分析了我国股权再融资政策演化历程、交通运输类上市公司股权再融资发展现状；然后以1999-2008年进行股权再融资的交通运输类上市公司为样本，采用描述性统计和非参数检验分析法对三类再融资公司进行了实证分析和对比研究；同时对实证结果进一步分析了其业绩变动的原因。实证研
3、究结果表明：无论是实施配股、增发还是发行可转债的交通运输类上市公司，在再融资以后其主要财务指标均出现下滑现象，而且部分业绩指标下滑显著；对三种再融资方式两两比较结果说明，发行可转债再融资方式的公司业绩要稍好于配股和增发方式的公司。最后，本文针对实证分析的结果，并结合我国交通运输类上市公司业绩变化的原因，从问题产生原因出发，提出了政策建议，以规范和改进上市公司的再融资行为，促进我国再融资市场的发展。关键词：股权再融资，交通运输类上市公司，配股，增发，可转债ABSTRACTAfter the Initial Public Offerings, the following development o
4、f listed companies mainly depends on its refinancing ability. Refinancing provide a solid power for the following development of listed companies. Recent years, the listed companies in China often select Secondary Equity Offering which include Right Issuing, Seasoned Equity Offering, Convertible Bon
5、ds. With the development of Chinas securities market, equity financing has increasingly become an important financing means of listed companies. However, what has been concerned is the performance of listed companies after refinancing. Through refinancing, a listed company has substantial fund to in
6、vest in the planned project, and this should improve its performance. But more and more experts and scholars are critical of the refinancing of listed companies in recent years. Traffic transport industry is taking on a promising look thanks to the influence of Chinas constantly developing economy.
7、Companies in this industry are also very active in refinancing market. Because of the features of great impact by the external economic situation and huge financing amount, it increasingly becomes an important power in the refinancing market. This paper mainly focuses on the empirical research on th
8、e performance effects of listed companies of traffic transport industry.This paper mainly uses the empirical and normative combination of research methods. First, the author sorts out systems of the western financing theories and summarizes the predecessors research conclusion. Then, this paper anal
9、yzes the equity refinancing of the evolution of regulatory policy and the refinancing development status of listed companies of traffic transportation industry. Subsequently, the author takes the listed companies of traffic transportation industry which refinancing during 1999-2008 as empirical samp
10、les, uses the descriptive statistics, nonparametric tests to empirically analyze and comparatively study the performance of these three types companies; meanwhile, further analyzes the reason of the empirical results change. Empirical results indicate that listed companies of traffic transportation
11、industry which used the rights issues, seasoned equity offering and convertible bonds these three refinancing methods, its main financial indicators has shown a downward trend, and some performance indicators fall significantly. When mentioned the comparison to these three types refinancing companie
12、s, the convertible bonds companies have the better performance than the other two companies.Finally, based on the empirical results combined with the reasons for declining performance of listed companies of traffic transportation industry, this paper give some suggestions to standardize the refinanc
13、ing activities of listed companies, and to promote our refinancing market. Zhang Tao(Accounting) Directed by associate professor Li DanKEYWORDS: Secondary Equity Offering, Listed Companies of Traffic Transport Industry, Right Issuing, Seasoned Equity Offering, Convertible Bonds目 录一、引言.1（一）研究背景及意义.1（二）研究思路及框架.3（三）研究方法与创新.5二、国内外研究现状.6（一）国外研究现状.6（二）国内研究现状.8（三）文献评述.10三、我国交通运输类上市公司股权再融资方式及特征分析.11(一)股权再融资方式.11(二)我国股权再融资政策演化历程.12(三)我国交通运输类上市公司股权再融资的发展现状.14四、我国交通运输类上市公司股权再融资业绩效应的实证分析.19（一）研究设计.19（二）配股再融资方式下交通运输类上市公司业绩的实证分析.21（三）增发再融资方式下交通运输类上市公司业绩的实证分析.26（四）可转债再融资方式下交通运输类上市公司业绩的实证分析.
